Down Payment offers
Qualifying income must be less than or equal to 115% avg medium Income and Max Debt to Income Ratios 50%
Down Payment Assistance Program:
CHENOA ADVANTAGE PROGRAM
- 640 min credit Score
- Qualifying income must be less than or equal to 115% avg medium Income
- Max Debt to Income Ratios 50%
- First Time Home buyer not required
- Homebuyer Education not required
- Down payment assistance is forgivable if borrower remains in the home 36 months minimum
- S. Citizen, Permanent Resident Alien or Work Visa
- All borrowers must occupy the property as their primary residence within 60 days of closing.
- Terms; 30, 20, 25, 15 and 10 year loans
- Loan amounts can go up to $420,680.00 for single family residence
- Full documentation using tax returns and w2’s or 1099’s
- Escrows are required, taxes and insurance must be included in the monthly payment
- 100% Gift Funds for a relative are allowed
- Home must be livable
- Seller Contributions up to 6% of the loan amount.
- Recently renovated home will have some limitations (called Flipping guidelines), new construction or older home are allowed. Single family residence and town home as well.
- Condominiums must be FHA approved
- Co-Signers are allowed
Came to the Contrasto team to prequalify for a new house loan. We had worked with Contrasto when getting our current home.They took time to explain what we needed, ad were very helpful in suggesting where we could get additional help. They are great partners. The Contrasto team was very professional, courteous and provided excellent service to me when I was buying a new home.
“My wife and I have used Patti's services on two different occasions when we purchased homes. She always provided excellent service, is very knowledgeable, very professional, and very friendly. We highly recommend her.”
"Outstanding service!!! Patti and Team are amazing!! They will work hard to get you the best possible deal and ensure the entire process is completed in a timely manner. All the while explaining you the entire loan cycle step-by-step, so you never feel out of place. If you have any doubts about whom you should be working with, contact Patti and Team. You won't regret it!!"